The Bancorp, Inc. and Transact Network Limited Have Entered Into a Definitive Agreement to Expand Bancorp's Payment Solutions Presence into Europe

The Bancorp, Inc. and Transact Network Limited Have Entered Into a Definitive Agreement to Expand Bancorp's Payment Solutions Presence into Europe PR Newswire WILMINGTON, Delaware and GIBRALTAR, Aug. 16, 2012 WILMINGTON, Delaware and GIBRALTAR, Aug. 16, 2012 /PRNewswire/ -- The Bancorp, Inc. ("Bancorp") and Transact Network today jointly announced the expansion of Bancorp's payment solutions presence into Europe. Bancorp and Transact Network have entered into a definitive asset purchase agreement for the Bancorp to acquire the MyCardData™ technology platform, Easybuy® website, agreed customer contracts and other principal assets from Transact Network. Frank Mastrangelo, President and COO of The Bancorp stated, "The acquisition of this platform from Transact Network, a well regarded Pan-European electronic money institution, will establish a European Payment Solutions presence for Bancorp and facilitate European expansion for many of Bancorp's existing "Payment Solutions" clients. It will also enable Bancorp to leverage its current BIN Sponsorship and Program Management Platforms for a wider set of European Payment solutions and offer enhanced products, flexibility, capability, and scalability. We will utilize our success and experience with our US payment solutions platform to grow our European presence." Kiran Sidhu, Executive Chairman and Founder of Transact Network Limited stated; "I am thrilled by this acquisition.